They have signed a letter to cabinet ministers Boris Johnson, Liam Fox and Gavin Williamson, which argues that a new royal yacht would promote British industry, promote trade and project the country’s humanitarian role around the globe.

The letter, written by Craig Mackinlay, Tory MP for South Thanet, says the cost of the yacht could be met through a new lottery game, rather than by taxpayers.

It states: “As we leave the European Union, there has never been a better time to consider how Britain projects herself on the world stage.

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“We believe that now is the time to commission a new Royal Yacht Britannia as a new symbol of global Britain, designed and built domestically to showcase the best of UK shipbuilding and industry, and as a platform for promoting trade.

“To be achievable, we need to generate the money to build a new Royal Yacht – an estimated £120m.

“One way of doing this would be to establish a new national lottery to help pay for the new vessel and that is what I am urging the Government to introduce.

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“There would be no call upon departmental budgets and it would be the people of the UK through the unique funding method who would have the pride of having a stake in her.”

But critics say a new royal yacht should not be a priority, and have suggested that the Queen could afford to pay for it herself.